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Reply to "Deferred Comp Plan"
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[quote=Anonymous][quote=Anonymous]Is this a qualified or non-qualified deferred comp plan? There is a BIG difference. A non-qual plan allows you to defer income above and beyond the current 17.5k allowable under qualified plans. They are generally offered to highly comped individuals. The kicker is that while you can do this for long-term savings and then receive distributions at your normal tax rate, the money is considered company assets. It will be recordkept under your name and your investment elections but in the event of a Company's insolvency the money can be used for creditors. Some Company's will put the money into a trust which provides a bit more protection but many Company's keep the money in their general accounts. If this is a qualified plan (e.g. Non-profits have 457 deferred comp plans) then the rules are similar to a 401k including annual contribution limits.[/quote] Great description. [/quote]
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